Russia to trial Maersk-IBM's blockchain based shipping solution

Blockchain technology has been a buzzing world in the recent times, when it comes to this trendy topic then the most appealing aspect is the probable end-to-end solutions that strikes a chord in various business domains to get rid of bottlenecks that’s quite prevailing in the current ecosystem.

The trade finance operation and foreign exchange are costly and slow that also involves a series of intermediaries. With the deployment of Blockchain technology, one can think of an ecosystem which is from the involvement of intermediary and at the same time, it also reduces the cost of processing, hence, making the foreign exchange and cross-border transaction cost-effective and time-saving.

Companies like IBM have time and again laid emphasis on this fact and have promoted the integration of Blockchain based system with the conventional supply chain management system.

This time, the Ministry of Transport of Russia is reportedly intending to trial blockchain-based shipping solution TradeLens powered by IBM and Maersk, as per the sources of Russian financial media Kommersant. 

Well, Kommersant received a copy of an authentic letter confirming the matter, according to which, the Ministry of Transport and its subsidiary will sign an MoU with Maersk to unveil this project in the Big port of St. Petersburg, Russia’s one of the largest port.

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